The Ceyhan-Kirkuk Pipeline
The Kurdistan Regional Government (KRG) has been pumping crude oil through the Ceyhan-Kirkuk oil pipeline. This has been ongoing since the beginning of the year. The crude oil from northern Iraq has been put into storage facilities inside Turkeys Ceyhan oil terminals and it is waiting to be sold at the world market. The Turkish government has been assisting the KRG and already has already set up bank accounts with a state-owned bank to deposit the oil funds. Since last year, the KRG has also been using the Ceyhan-Kirkuk Oil Pipeline to deliver crude oil to the storage facilities at a rate of approximately 100k barrels a day. Recently, the Turkish Energy Minister, Taner Yildiz, stated in local media that the storage facilities holding Iraqi oil are full and that there are no obstacles for selling it. There are 2.2 million barrels of Iraqi oil inside the Ceyhan storage oil terminals. The storage capacity of the Ceyhan oil terminal is 2.5 million barrels … [Read more...]